A Nigerian court has adjourned the legal proceedings against cryptocurrency exchange Binance and two of its executives on charges of tax evasion and money laundering.

The trial, originally set for this week, was postponed until May 17th due to procedural hurdles.

At today’s proceedings, counsel to the defendant, Tony Krukrubo, had informed the court that he was yet to be served the additional proof of evidence.

The court bailiff however told the court that efforts made by him to serve Gambaryan the documents in Kuje prison on April 30 were met with vehement refusal by him to receive the service.

He added that Gambaryan had told him to serve the documents on the first defendant’s (Binance Holdings Limited) lawyer since the first defendant now has legal representation of its own.

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The trial judge, Justice Emeka Nwite, ordered that Binance’s counsel be served the documents in court.

The matter was subsequently adjourned after the service.

The judge said, “This matter will now be adjourned till May 17 for trial”.

The core issue surrounds serving the charges to Binance itself. Nigerian law requires formal notification of the accused before a plea can be entered. Gambaryan, one of the executives present, did not enter a plea due to this technicality. The whereabouts of the other executive, Nadeem Anjarwalla, are unknown after he reportedly left Nigeria last month.

The charges against Binance and its executives total over $35 million and include four counts of tax evasion. The prosecution alleges Binance failed to register for tax purposes with the Federal Inland Revenue Service (FIRS). This case highlights the ongoing challenges of regulating cryptocurrency businesses in Nigeria and other countries.

The adjournment on May 17th is expected to address the service of charges and potentially determine the next steps in the case.

The post Court adjourns Binance tax evasion trial until May 17 appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

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